Palmer & Harvey draws up plans to cut costs
Grocery wholesale giant & FSDF member Palmer & Harvey has set out plans to cut costs in a bid to secure £100m from investors, according to documents seen by the Sunday Telegraph.
According to the newspaper article, Palmer & Harvey has until the end of September before its lenders step in, and must repay further debts to cigarette companies Imperial Tobacco and Japan Tobacco next year.
The documents seen by the newspaper reveal that Palmer & Harvey has vowed to make deep cuts in a bid to win investment. It plans to slash £8.2m of costs from its operations this year while next year it aims to cut 15% of head office overheads, including staff, and to drop more than 3,000 product lines to simplify its warehouses.